Industries Seize Opportunities from 3D Printing Metal Market, Thanks to its Varied Applications, says Market.us
Additive Manufacturing (AM), also known as 3D printing metal, is used to create dental products that are suitable for patients. This includes partial dentures, crowns, and bridges. The traditional manufacturing method isn’t suitable for low-volume manufacturing because the equipment is often different in size. This is where AM technology comes in and is expected to fuel the U.S. market growth.
Manufacturers use AM to make clamps, forceps, and prosthetic limbs. Many companies are using AM processes in healthcare applications. 3D Systems Healthcare, for example, is expected to work with the medical industry in order to increase the use of additive manufacturing in the dental and medical industries.
Market players will see new opportunities as they shift from rapid prototyping to production using 3D printers. According to a recent survey, more than 50% of 3D hubs reported using 3D printing to produce functional end-use components. In recent years, 3D printing has been used in increasing numbers by industries such as transportation and automotive.
According to Market.us, “The 3D Printing Metal Market size is expected to be worth around USD 5274.45 million by 2032 from USD 589.5 million in 2022, growing at a CAGR(compound annual growth rate) of 24.50% during the forecast period from 2023 to 2032.”
In 2020, the powder form segment was responsible for more than 94% of the global market’s total revenue. Many parameters impact metal powder particles’ ability to be added to the final component. This includes both the chemical and physical properties of the raw material.
These must be well-known and characterized. This will increase the demand for metal powder in the next few years. To get fine prints of the final product, the spherical metal particles used in 3D printing must be very small. They should typically range from 15 to 75 microns.
To achieve the best build, the particle distribution must be uniform. Filaments typically consist of a mixture of metal and polymer. The metal is then coated with a layer made of PLA or ABS. Producers are currently working to find cost-effective ways to print with filament, as compared with selective laser melting. This will increase the demand for filaments in the future.
The highest revenue share, at over 41%, was held by the titanium product segment in 2020. It is expected to grow at the fastest rate of CAGR during the forecast period. The segment is expected to grow because of the increasing demand for titanium-based products across various industries.
The metal processing industry could enter a new era as 3D printing of metals becomes increasingly popular. These products are attractive due to their physicochemical and complex geometries. The demand for complex, high-precision parts in the aerospace and defense sectors has driven market growth for 3D-printed metals.
Three factors drive 3D-printed metals in industries like automotive, dental, and medical. You will also see an increase in investment in new products, materials, and metals for prototyping and a rise in demand for prosthetics and implants.
The forecast period will see three-dimensional printing gain significant traction in aerospace. The growing popularity of metal 3D printing could be a significant market driver. It has many advantages, including more design stability, lower waste, and competitive pricing compared to traditional manufacturing methods.
Market growth will be further driven by the compatibility of traditional 3D printers for printing semi-metal equipment when they are combined with polymers or in the form of the filament.
It is expected that the aerospace and defense industries will be able to support high initial costs while also adapting to new technologies, which will drive the development of titanium powder for 3D printer applications. The 3D printing industry will be driven by an innovative aerospace approach that takes advantage of the need for complex geometric structures. This is expected to increase the demand for titanium powder.
Due to its low carbon and high content of chromium, stainless steel will see significant demand in the future. Parts made from stainless steel are strong and lightweight. Stainless steel is also ideal for printing large objects with a high-quality surface finish.
In 2020, aerospace & defense was responsible for 40% of the total volume. 3D printing is a way for aerospace and defense companies to make complex parts in a shorter time. Senvol, a 3D printing data specialist, received funding in 2021 from the U.S. Department of Defense. This funding was used to improve aerospace and defense components.
The fastest-growing segment in volume is the medical and dental applications. It is forecast to grow by 28.7% over the forecast period. For various medical purposes, many medical companies have adopted 3D printing. Monogram, for example, is 3D printing orthopedic implants. Open Bionics, a 3D printer has also helped to create low-cost robotic prosthetics.
Another important application sector in the 3D printing metal industry is automotive. 3D printing metal technology is set to be a major contributor to the automotive market. It will allow for hollow components and thinner walls. It can also mix different raw materials during manufacturing. This technology is expected to have a positive effect on market growth in the next years.
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